The beginning of the school year is just over a week away, and that’s causing stress for some families struggling to keep up with the cost of clothing and school supplies.
BDO Senior Vice President and host of Your Money on VOCM, Nancy Snedden says back to school is the most expensive time of the year for most families, second only to Christmas.
She says according to statistics, the average amount spent per child for back to school is about $600. “56 per cent of parents say they will match what they spent last year. I think that’s going to be tough, because with inflation, we’ve seen supplies increase by 24 per cent in the last two years.”
If you’re feeling the financial stress, Snedden recommends setting a budget for clothes and supplies, and sticking to it.
She says review the supply list and make sure you’re only getting what you need to get. She also suggests getting what’s necessary for the first couple of weeks, “and then a lot of stuff is going to go on sale.”